Head shaking because Barry's best investment decision would have been to hold Bitcoin, Ethereum and he should have avoided being involved around Ethereum Classic. This is very much similar to these other hedge funds and financial experts in the cryptospace similar to 3 Arrows Capital and Alameda Research. I really thought they were experts. I am presently becoming more skeptical on the people who run the cryptospace.
Cryptocurrency lender Genesis Global Capital is planning to file for bankruptcy as soon as this week, Bloomberg News reported on Wednesday, citing people with knowledge of the situation.
Source https://www.reuters.com/technology/crypto-firm-genesis-preparing-file-bankruptcy-bloomberg-news-2023-01-18/
Topic: [Speculated] Barry Silbert dump (Read 434 times)
The last articles on Barry Silbert were breaking news about Digital Currency Group exposed of owing $3 billion to creditors. However, the cryptospace market does not show that this news might have a negative effect on the market's present attitude.
Is the news on Barry and DCG irrelevant already or will we witness something similar to what is being shown in this chart?
Is the news on Barry and DCG irrelevant already or will we witness something similar to what is being shown in this chart?
Honestly both Barry and the Winklevoss twins can make the customers whole. Both of them have enough funds to cover the hole but they refuse and want the other to pay up. The Winklevoss had at one point like 1% of total supply of Bitcoin. They can easily cover the hole and save their brand.
However this is only going to get dragged on for years like MtGox and only the lawyers will be the winners making any money here and the Gemini Earn customers will be the sole losers.
However this is only going to get dragged on for years like MtGox and only the lawyers will be the winners making any money here and the Gemini Earn customers will be the sole losers.
Agreed, however, this is business. Gemini earn depositors' coins were held in Barry Silbert's Genesis Global to earn yield but it appears that Barry sent them to himself in Digital Currency Group as loan from Genesis. Barry should be sending those coins back to Gemini and also pay for the yield earned in Genesis.
There appears something to be happening in DCG that we do not know. I hope not something similar to FTX where there was comingling of funds and mismanagement.
It is very head shaking because Barry said this about the cryptospace hehehe.
There is a daisy chain of borrowers and lenders in the crypto space -- most well capitalized, but some are not
Lots of leverage still in the ecosystem...including in some non-obvious places
Important to understand counterparty risk and where are the weak links in the chain
Source https://mobile.twitter.com/barrysilbert/status/1408191462324441092
Digital Currency Group also closed their wealth management business.
Digital Currency Group, the cryptocurrency conglomerate whose Genesis Global Trading division just announced more layoffs, said it's shutting down a wealth-management division called HQ.
"Due the state of the broader economic environment and prolonged crypto winter presenting significant headwinds to the industry, we made the decision to wind down HQ" as of Jan. 31, the company said in a statement Thursday.
Source https://finance.yahoo.com/news/crypto-conglomerate-dcg-closes-wealth-234455406.html
Honestly both Barry and the Winklevoss twins can make the customers whole. Both of them have enough funds to cover the hole but they refuse and want the other to pay up. The Winklevoss had at one point like 1% of total supply of Bitcoin. They can easily cover the hole and save their brand.
However this is only going to get dragged on for years like MtGox and only the lawyers will be the winners making any money here and the Gemini Earn customers will be the sole losers.
However this is only going to get dragged on for years like MtGox and only the lawyers will be the winners making any money here and the Gemini Earn customers will be the sole losers.
Did Cameron Winklevoss give money to Barry Silbert through Genesis Global as the recipient then Barry Silbert sent it to himself through Digital Currency Group as the recipient? It appears there is something to be investigated hehehehe.
Thread created by Winklevoss, open the tweet to read the letter
Earn Update: An Open Letter to
@BarrySilbert
Source https://mobile.twitter.com/cameron/status/1609913051427524608
Reply from Barry
DCG did not borrow $1.675 billion from Genesis
DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023
DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response
Source https://mobile.twitter.com/BarrySilbert/status/1609926715454771200
Reply from Winklevoss
There you go again. Stop trying to pretend that you and DCG are innocent bystanders and had nothing to do with creating this mess. It's completely disingenuous.
So how does DCG owe Genesis $1.675 billion if it didn't borrow the money? Oh right, that promissory note...
Will you, or will you not, commit to solving this by January 8th in a manner that treats the $1.1 billion promissory note as $1.1 billion?
Source https://mobile.twitter.com/cameron/status/1609942891648126981
Thread created by Winklevoss, open the tweet to read the letter
Earn Update: An Open Letter to
@BarrySilbert
Source https://mobile.twitter.com/cameron/status/1609913051427524608
Reply from Barry
DCG did not borrow $1.675 billion from Genesis
DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023
DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response
Source https://mobile.twitter.com/BarrySilbert/status/1609926715454771200
Reply from Winklevoss
There you go again. Stop trying to pretend that you and DCG are innocent bystanders and had nothing to do with creating this mess. It's completely disingenuous.
So how does DCG owe Genesis $1.675 billion if it didn't borrow the money? Oh right, that promissory note...
Will you, or will you not, commit to solving this by January 8th in a manner that treats the $1.1 billion promissory note as $1.1 billion?
Source https://mobile.twitter.com/cameron/status/1609942891648126981
a ponzi scheme where its easy to enter, with a promise of investing in an asset. but once inside that promise of getting the asset, doesnt flourish. the promise of being able to exit doesnt flourish and all you can do is con someone else into buying in for you to get out.
where due to fee's and discounts you lose if you try to exit
soo. its no longer 2017 but 2022 and the ETF has not manifested. and if not manifested by spring 2023 greyscale will only allow 20% of share holders to escape..(the 20% buy back scheme)
.. and guess who those 20% will be.. yep not the normal traders, but the favoured big institutional investors
here is the thing.
greyscale supposedly has reserves backing every share. and because the shares are 5-% discounted to reserves meaning there should be 2x coin value per share. meaning they should have 200% reserves to buy everyone out.
yet they only can afford to let 20% escape
read between the lines
where due to fee's and discounts you lose if you try to exit
soo. its no longer 2017 but 2022 and the ETF has not manifested. and if not manifested by spring 2023 greyscale will only allow 20% of share holders to escape..(the 20% buy back scheme)
.. and guess who those 20% will be.. yep not the normal traders, but the favoured big institutional investors
here is the thing.
greyscale supposedly has reserves backing every share. and because the shares are 5-% discounted to reserves meaning there should be 2x coin value per share. meaning they should have 200% reserves to buy everyone out.
yet they only can afford to let 20% escape
read between the lines
Also, yes you are correct in all of your arguments.
There's no need to be sarcastic, I'm not someone who always thinks he's right, but I guess everyone has the right to comment on any speculations, especially if they are based on rumours. As someone who is very well acquainted with what it means to invest in altcoins, I share my opinion about it, and considering your attitude towards DeFi, NTF and altcoins in general, it is clear to me that you do not like it.
Personally, I think you are shaking your head a little too much, especially about very unimportant things
I am sorry but what were those unimportant things? I am striving to be more like you. If I see someone who spelled Grayscale as Gray Scale, I would certainly make a big argument out of it hehehe.
In any case, we might not agree on many things, however, I was not being sarcastic when I said that I agreed to your reply about Barry Silbert not being more intelligent than Sam Bankrupt-Fried. But there is a difference, Sam created a ponzi scheme from the very beginning. Barry is not yet proven if he runs a ponzi scheme but the failure of Genesis Global Capital is a sign that he might be.
@YOSHIE. Where is Justin Sun? Should he not be on that list? If their losses really went to him, it would not be very shocking if he becomes the new king of the cryptospace in the next few years hehehe.
In any case, if anyone finds an update on Barry, please share them.
I saw some interesting news about @Barry Silbert dumping Bitcoin, I think Silbert has reasons for his actions, he is at the contagion point for the phenomena that are happening in the crypto market right now.From the results of speculation and Bitcoin disposal actions carried out by Silbert, can be seen below.
These Crypto Founders And Bitcoin Moguls Lost $116 Billion In 2022
Quote
To stay afloat, Silbert will likely have to raise outside capital or dismantle his DCG crypto empire, which includes some 200 investments in crypto firms and tokens, including crypto news site CoinDesk, bitcoin mining firm Foundry and Grayscale Investments, an asset management business that offers shares in a publicly traded Bitcoin trust. Forbes estimates the value of DCG’s outstanding liabilities are greater than the fair market value of its assets in the current market environment; DCG may also struggle to offload illiquid bets. For these reasons, Forbes estimates the current value of Silbert’s 40% stake in DCG to be approximately $0. Silbert’s personal investments could not be determined. A spokesperson for DCG declined to comment.
In my opinion, the debt base that has grown $40% of Silbert's shares should be sold, as I can see in the source above.
If I speculate the disposal of Bitcoin @Silbert has no impact on the crypto market, there are companies whose other investment values are greater than the assets owned by @Silbert, which are still stored.
Also, yes you are correct in all of your arguments.
There's no need to be sarcastic, I'm not someone who always thinks he's right, but I guess everyone has the right to comment on any speculations, especially if they are based on rumours. As someone who is very well acquainted with what it means to invest in altcoins, I share my opinion about it, and considering your attitude towards DeFi, NTF and altcoins in general, it is clear to me that you do not like it.
Personally, I think you are shaking your head a little too much, especially about very unimportant things
I cannot argue against what you have said is his reason because you might be right. However, it might also be the first signs that Gray Scale might be having some problems in their cashflow.
Small correction, it's not Gray Scale, but Grayscale - the exact name of the company is important to know what we're talking about, but also because nobody likes it when their name is spelled or pronounced incorrectly.
Also, yes you are correct in all of your arguments.
I cannot argue against what you have said is his reason because you might be right. However, it might also be the first signs that Gray Scale might be having some problems in their cashflow.
Small correction, it's not Gray Scale, but Grayscale - the exact name of the company is important to know what we're talking about, but also because nobody likes it when their name is spelled or pronounced incorrectly.
Furthermore, we can only guess whether someone has a problem, because realistically in a bear market, many have a problem because they invested money in something that is worth several times less today. I hope that Grayscale did not do any similar stupid things like FTX, and somehow it seems to me that it would be too much if we had another catastrophic event in the series
Also, if Barry Silbert begins another round of shitcoin purchases to form a new pool for another trust, does this imply that investing in shitcoins is worth it again?
No, that would mean that Barry is no more intelligent than Bankman or similar to him - because once you get burned, you have to be doubly careful with every future investment. However, in the land of unlimited possibilities where everything is possible, greed is the middle name of most investors.
In any case, it appears there was bigger dump than market average of different coins that are connected to Barry Silbert's Digital Currency Group. Nothing is confirmed if DCG is dumping, however.
Maybe after all the man realized that investing in shitcoins is not worth it, although it is not at all clear to me that someone who should be a serious business person and also intelligent can go in that direction at all. It's no secret that long-term investing in altcoins leads to an almost certain loss, that's something we advise all beginners on the forum.
Honestly, I don't care if he sells all altcoins, the important thing is that it has no effect on Bitcoin, which luckily is the case for now.
I cannot argue against what you have said is his reason because you might be right. However, it might also be the first signs that Gray Scale might be having some problems in their cashflow.
Also, if Barry Silbert begins another round of shitcoin purchases to form a new pool for another trust, does this imply that investing in shitcoins is worth it again?
Pretending to be some sort of Bitcoin sage, going bankrupt, then dumping your coins at the bottom of the market seems to be a popular thing to do in this space. Personally, I wonder how these individuals manage to have careers after messing up so badly in what has been, let's face it, the most simplistic trade of human history. Someone who has been in the game as long as Silbert and pretends to be good at making money should easily be able to identify the 4-year cycle and trade accordingly. That means to me that he is either a silver spoon fed baby who doesn't deserve to be where he is, or he was malicious in his actions for some as of yet to be unidentified reason.
In any case, it appears there was bigger dump than market average of different coins that are connected to Barry Silbert's Digital Currency Group. Nothing is confirmed if DCG is dumping, however.
Maybe after all the man realized that investing in shitcoins is not worth it, although it is not at all clear to me that someone who should be a serious business person and also intelligent can go in that direction at all. It's no secret that long-term investing in altcoins leads to an almost certain loss, that's something we advise all beginners on the forum.
Honestly, I don't care if he sells all altcoins, the important thing is that it has no effect on Bitcoin, which luckily is the case for now.
with many of greyscales fund offerings at 50% downrated to asset(pfft "discount")
i can see him selling off some private hoards they have to get maybe say $135m
use that $135m to buy back some shares of some altcoin trust funds
(50% rate discount buyback=unlocks $270m)
next coin
(50% rate discount buyback=unlocks $540m)
next coin
(50% rate discount buyback=unlocks $1.08b)
then use that on the GBTC to buy back the proposed 5th of shares at 50% to unlock $2.16b of bitcoin
all for the low low price of $135m initial cost
i can see him selling off some private hoards they have to get maybe say $135m
use that $135m to buy back some shares of some altcoin trust funds
(50% rate discount buyback=unlocks $270m)
next coin
(50% rate discount buyback=unlocks $540m)
next coin
(50% rate discount buyback=unlocks $1.08b)
then use that on the GBTC to buy back the proposed 5th of shares at 50% to unlock $2.16b of bitcoin
all for the low low price of $135m initial cost
The market issue, of course, started with the Bitcoin issue. If they are able to control the Bitcoin issue, then they can easily control the crypto market.
The dump price changes are always based on the issue of someone who will sell Bitcoin in large quantities.
If Barry Sibert wanted to make a profit, of course he would not pass on the information that he would be selling most of Bitcoin to the public.
That means, there is something else behind what he said. Maybe we don't know the next stage yet.
The dump price changes are always based on the issue of someone who will sell Bitcoin in large quantities.
If Barry Sibert wanted to make a profit, of course he would not pass on the information that he would be selling most of Bitcoin to the public.
That means, there is something else behind what he said. Maybe we don't know the next stage yet.
He in the past was very active on Twitter and he gave financial advice about what coin they are buying. One coin that comes to mind is ZEC. No idea if they were already in position but ZEC had a huge rally after his tweet.
Then there was when they announced they were shorting Doge after
Or during the SNL skit. They didn’t short it directly but bought those 3x Doge short leverage contracts on FTX. And again if you followed this trade you would of also pretty much never been underwater and was very profitable.
Barry would certainly be in position already. Are you implying that he is something similar to a shill like John McAfee? Zcash is part of Barry Silbert's list of investments in Grayscale.
In any case, it appears there was bigger dump than market average of different coins that are connected to Barry Silbert's Digital Currency Group. Nothing is confirmed if DCG is dumping, however.
Over the weekend, we saw a huge sell off from the crypto markets, in particular, DCG's portfolio of coins saw a huge decline compared to others.
Source https://insights.santiment.net/read/dcg-a-sell-off-7141
The market issue, of course, started with the Bitcoin issue. If they are able to control the Bitcoin issue, then they can easily control the crypto market.
The dump price changes are always based on the issue of someone who will sell Bitcoin in large quantities.
If Barry Sibert wanted to make a profit, of course he would not pass on the information that he would be selling most of Bitcoin to the public.
That means, there is something else behind what he said. Maybe we don't know the next stage yet.
The dump price changes are always based on the issue of someone who will sell Bitcoin in large quantities.
If Barry Sibert wanted to make a profit, of course he would not pass on the information that he would be selling most of Bitcoin to the public.
That means, there is something else behind what he said. Maybe we don't know the next stage yet.
He in the past was very active on Twitter and he gave financial advice about what coin they are buying. One coin that comes to mind is ZEC. No idea if they were already in position but ZEC had a huge rally after his tweet.
Then there was when they announced they were shorting Doge after
Or during the SNL skit. They didn’t short it directly but bought those 3x Doge short leverage contracts on FTX. And again if you followed this trade you would of also pretty much never been underwater and was very profitable.
The market issue, of course, started with the Bitcoin issue. If they are able to control the Bitcoin issue, then they can easily control the crypto market.
The dump price changes are always based on the issue of someone who will sell Bitcoin in large quantities.
If Barry Sibert wanted to make a profit, of course he would not pass on the information that he would be selling most of Bitcoin to the public.
That means, there is something else behind what he said. Maybe we don't know the next stage yet.
The dump price changes are always based on the issue of someone who will sell Bitcoin in large quantities.
If Barry Sibert wanted to make a profit, of course he would not pass on the information that he would be selling most of Bitcoin to the public.
That means, there is something else behind what he said. Maybe we don't know the next stage yet.
If he dumped bitcoin, we can buy it on cheaper price.
If he doesn't dump bitcoin, we just need to wait and see.
Whats the problem on here?
Just to create FUD and Panic, we can always buy Bitcoin and yes this is the good opportunity to accumulate. Dumping their Bitcoin doesn’t mean Bitcoin is not good anymore, its just the current trend and I’m pretty sure they will but back once we hit the bottom, its more on a price manipulation for me. If he doesn't dump bitcoin, we just need to wait and see.
Whats the problem on here?
Each of us invests on BTC for the reason that we need a profit and they sell because they in need of cash right now. This shouldn't give us a negative thought thinking BTC is turning bad, now that BTC pioneers are selling it.
Much of the people in the community would call speculations or news a type of fud if it is bad news and call the bringer of the news as an antagonizer. They will choose to put their heads under the sand and refuse to accept reality.
I will tell you what is not fud. It has been 1 month already since Gemini earn has stopped withdrawals and Gemini's lending partner Genesis Global, owned by Barry Silbert, owes users more than $500 million.
In any case, instead of accusing anyone of spreading fud, read and share some news.
If he dumped bitcoin, we can buy it on cheaper price.
If he doesn't dump bitcoin, we just need to wait and see.
Whats the problem on here?
Just to create FUD and Panic, we can always buy Bitcoin and yes this is the good opportunity to accumulate. Dumping their Bitcoin doesn’t mean Bitcoin is not good anymore, its just the current trend and I’m pretty sure they will but back once we hit the bottom, its more on a price manipulation for me. If he doesn't dump bitcoin, we just need to wait and see.
Whats the problem on here?
Each of us invests on BTC for the reason that we need a profit and they sell because they in need of cash right now. This shouldn't give us a negative thought thinking BTC is turning bad, now that BTC pioneers are selling it.
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